Note 21A. Consolidating Financial Information by Industry Segment

AMERCO’s three reportable segments are:

Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of U-Haul and Real Estate,
Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and
Life Insurance, comprised of Oxford and its subsidiaries.

Management tracks revenues separately, but does not report any separate measure of the profitability for rental vehicles, rentals of self-storage spaces and sales of products that are required to be classified as a separate operating segment and accordingly does not present these as separate reportable segments. Deferred income taxes are shown as liabilities on the consolidating statements.

The information includes elimination entries necessary to consolidate AMERCO, the parent, with its subsidiaries.

Investments in subsidiaries are accounted for by the parent using the equity method of accounting.

Note 21A. Financial Information by Consolidating Industry Segment:

Consolidating balance sheets by industry segment as of March 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	585,666	$	14,049	$	931	$	–		$	600,646
Reinsurance recoverables and trade receivables, net		34,451		111,978		28,781		–			175,210
Inventories, net		79,756		–		–		–			79,756
Prepaid expenses		134,300		–		–		–			134,300
Investments, fixed maturities and marketable equities		–		238,570		1,271,968		–			1,510,538
Investments, other		21,431		47,374		241,267		–			310,072
Deferred policy acquisition costs, net		–		–		136,386		–			136,386
Other assets		95,081		3,088		2,403		–			100,572
Related party assets		88,022		12,465		613		(15,366)	(c)		85,734
		1,038,707		427,524		1,682,349		(15,366)			3,133,214

Investment in subsidiaries		432,277		–		–		(432,277)	(b)		–

Property, plant and equipment, at cost:
Land		587,347		–		–		–			587,347
Buildings and improvements		2,187,400		–		–		–			2,187,400
Furniture and equipment		399,943		–		–		–			399,943
Rental trailers and other rental equipment		462,379		–		–		–			462,379
Rental trucks		3,514,175		–		–		–			3,514,175
		7,151,244		–		–		–			7,151,244
Less: Accumulated depreciation		(2,133,733)		–		–		–			(2,133,733)
Total property, plant and equipment		5,017,511		–		–		–			5,017,511
Total assets	$	6,488,495	$	427,524	$	1,682,349	$	(447,643)		$	8,150,725

(a) Balances as of December 31, 2015
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	492,982	$	1,535	$	8,096	$	–		$	502,613
Notes, loans and leases payable		2,688,758		–		–		–			2,688,758
Policy benefits and losses, claims and loss expenses payable		386,366		252,819		432,227		–			1,071,412
Liabilities from investment contracts		–		–		951,490		–			951,490
Other policyholders' funds and liabilities		–		3,017		5,633		–			8,650
Deferred income		22,784		–		–		–			22,784
Deferred income taxes		633,061		7,526		13,025		–			653,612
Related party liabilities		13,138		2,067		161		(15,366)	(c)		–
Total liabilities		4,237,089		266,964		1,410,632		(15,366)			5,899,319

Stockholders' equity :
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		451,839		91,120		26,271		(117,601)	(b)		451,629
Accumulated other comprehensive income (loss)		(60,525)		3,611		10,504		(14,115)	(b)		(60,525)
Retained earnings		2,533,431		62,528		232,442		(294,760)	(b)		2,533,641
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(6,186)		–		–		–			(6,186)
Total stockholders' equity		2,251,406		160,560		271,717		(432,277)			2,251,406
Total liabilities and stockholders' equity	$	6,488,495	$	427,524	$	1,682,349	$	(447,643)		$	8,150,725

(a) Balances as of December 31, 2015
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating balance sheets by industry segment as of March 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Assets:
Cash and cash equivalents	$	431,873	$	8,495	$	1,482	$	–		$	441,850
Reinsurance recoverables and trade receivables, net		32,364		125,506		31,999		–			189,869
Inventories, net		69,472		–		–		–			69,472
Prepaid expenses		126,296		–		–		–			126,296
Investments, fixed maturities and marketable equities		–		228,530		1,076,432		–			1,304,962
Investments, other		27,637		50,867		190,216		–			268,720
Deferred policy acquisition costs, net		–		–		115,422		–			115,422
Other assets		101,689		1,924		2,544		–			106,157
Related party assets		144,040		13,268		586		(16,104)	(c)		141,790
		933,371		428,590		1,418,681		(16,104)			2,764,538

Investment in subsidiaries		443,462		–		–		(443,462)	(b)		–

Property, plant and equipment, at cost:
Land		467,482		–		–		–			467,482
Buildings and improvements		1,728,033		–		–		–			1,728,033
Furniture and equipment		355,349		–		–		–			355,349
Rental trailers and other rental equipment		436,642		–		–		–			436,642
Rental trucks		3,059,987		–		–		–			3,059,987
		6,047,493		–		–		–			6,047,493
Less: Accumulated depreciation		(1,939,856)		–		–		–			(1,939,856)
Total property, plant and equipment		4,107,637		–		–		–			4,107,637
Total assets	$	5,484,470	$	428,590	$	1,418,681	$	(459,566)		$	6,872,175

(a) Balances as of December 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Liabilities:
Accounts payable and accrued expenses	$	489,140	$	1,235	$	5,995	$	–		$	496,370
Notes, loans and leases payable		2,190,869		–		–		–			2,190,869
Policy benefits and losses, claims and loss expenses payable		363,552		271,744		426,892		–			1,062,188
Liabilities from investment contracts		–		–		685,745		–			685,745
Other policyholders' funds and liabilities		–		2,837		4,927		–			7,764
Deferred income		18,081		–		–		–			18,081
Deferred income taxes		524,550		(18,592)		20,841		–			526,799
Related party liabilities		13,919		2,073		112		(16,104)	(c)		–
Total liabilities		3,600,111		259,297		1,144,512		(16,104)			4,987,816

Stockholders' equity :
Series preferred stock:
Series A preferred stock		–		–		–		–			–
Series B preferred stock		–		–		–		–			–
Series A common stock		–		–		–		–			–
Common stock		10,497		3,301		2,500		(5,801)	(b)		10,497
Additional paid-in capital		449,878		91,120		26,271		(117,601)	(b)		449,668
Accumulated other comprehensive income (loss)		(34,365)		8,871		32,310		(41,181)	(b)		(34,365)
Retained earnings (deficit)		2,142,390		66,001		213,088		(278,879)	(b)		2,142,600
Cost of common shares in treasury, net		(525,653)		–		–		–			(525,653)
Cost of preferred shares in treasury, net		(151,997)		–		–		–			(151,997)
Unearned employee stock ownership plan shares		(6,391)		–		–		–			(6,391)
Total stockholders' equity (deficit)	$	1,884,359		169,293		274,169		(443,462)			1,884,359
Total liabilities and stockholders' equity		5,484,470	$	428,590	$	1,418,681	$	(459,566)		$	6,872,175

(a) Balances as of December 31, 2014
(b) Eliminate investment in subsidiaries
(c) Eliminate intercompany receivables and payables

Consolidating statements of operations by industry segment for period ending March 31, 2016 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,301,586	$	–	$	–	$	(3,606)	(c)	$	2,297,980
Self-storage revenues		247,944		–		–		–			247,944
Self-moving & self-storage products & service sales		251,541		–		–		–			251,541
Property management fees		26,533		–		–		–			26,533
Life insurance premiums		–		–		162,662		–			162,662
Property and casualty insurance premiums		–		50,020		–		–			50,020
Net investment and interest income		8,801		14,783		63,999		(778)	(b)		86,805
Other revenue		148,099		–		4,559		(487)	(b)		152,171
Total revenues		2,984,504		64,803		231,220		(4,871)			3,275,656

Costs and expenses:
Operating expenses		1,423,107		27,958		23,037		(4,055)	(b,c)		1,470,047
Commission expenses		262,627		–		–		–			262,627
Cost of sales		144,990		–		–		–			144,990
Benefits and losses		–		12,298		155,138		–			167,436
Amortization of deferred policy acquisition costs		–		–		23,272		–			23,272
Lease expense		49,966		–		–		(186)	(b)		49,780
Depreciation, net of (gains) losses on disposals		290,690		–		–		–			290,690
Total costs and expenses		2,171,380		40,256		201,447		(4,241)			2,408,842

Earnings from operations before equity in earnings of subsidiaries		813,124		24,547		29,773		(630)			866,814

Equity in earnings of subsidiaries		35,522		–		–		(35,522)	(d)		–

Earnings from operations		848,646		24,547		29,773		(36,152)			866,814
Interest expense		(98,533)		–		–		630	(b)		(97,903)
Pretax earnings		750,113		24,547		29,773		(35,522)			768,911
Income tax expense		(261,112)		(8,379)		(10,419)		–			(279,910)
Earnings available to common shareholders	$	489,001	$	16,168	$	19,354	$	(35,522)		$	489,001

(a) Balances for the year ended December 31, 2015
(b) Eliminate intercompany lease / interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry segment for period ending March 31, 2015 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	2,149,986	$	–	$	–	$	(3,595)	(c)	$	2,146,391
Self-storage revenues		211,136		–		–		–			211,136
Self-moving & self-storage products & service sales		244,177		–		–		–			244,177
Property management fees		25,341		–		–		–			25,341
Life insurance premiums		–		–		156,103		–			156,103
Property and casualty insurance premiums		–		46,456		–		–			46,456
Net investment and interest income		13,644		12,819		59,051		(786)	(b)		84,728
Other revenue		156,154		–		4,502		(457)	(b)		160,199
Total revenues		2,800,438		59,275		219,656		(4,838)			3,074,531

Costs and expenses:
Operating expenses		1,436,145		24,802		22,476		(4,014)	(b,c)		1,479,409
Commission expenses		249,642		–		–		–			249,642
Cost of sales		146,072		–		–		–			146,072
Benefits and losses		–		10,996		147,764		–			158,760
Amortization of deferred policy acquisition costs		–		–		19,661		–			19,661
Lease expense		79,984		–		–		(186)	(b)		79,798
Depreciation, net of (gains) losses on disposals		278,165		–		–		–			278,165
Total costs and expenses		2,190,008		35,798		189,901		(4,200)			2,411,507

Earnings from operations before equity in earnings of subsidiaries		610,430		23,477		29,755		(638)			663,024

Equity in earnings of subsidiaries		34,783		–		–		(34,783)	(d)		–

Earnings from operations		645,213		23,477		29,755		(35,421)			663,024
Interest expense		(98,163)		–		–		638	(b)		(97,525)
Fees and amortization on early extinguishment of debt		(4,081)		–		–		–			(4,081)
Pretax earnings		542,969		23,477		29,755		(34,783)			561,418
Income tax expense		(186,228)		(8,060)		(10,389)		–			(204,677)
Earnings available to common shareholders	$	356,741	$	15,417	$	19,366	$	(34,783)		$	356,741

(a) Balances for the year ended December 31, 2014
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating statements of operations by industry segment for period ending March 31, 2014 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Eliminations			AMERCO Consolidated
		(In thousands)
Revenues:
Self-moving equipment rentals	$	1,958,209	$	–	$	–	$	(2,786)	(c)	$	1,955,423
Self-storage revenues		181,794		–		–		–			181,794
Self-moving & self-storage products & service sales		234,187		–		–		–			234,187
Property management fees		24,493		–		–		–			24,493
Life insurance premiums		–		–		157,919		–			157,919
Property and casualty insurance premiums		–		41,052		–		–			41,052
Net investment and interest income		15,212		10,592		54,398		(611)	(b)		79,591
Other revenue		158,055		–		3,211		(473)	(b)		160,793
Total revenues		2,571,950		51,644		215,528		(3,870)			2,835,252

Costs and expenses:
Operating expenses		1,272,406		20,799		23,686		(3,217)	(b,c)		1,313,674
Commission expenses		227,332		–		–		–			227,332
Cost of sales		127,270		–		–		–			127,270
Benefits and losses		–		11,513		145,189		–			156,702
Amortization of deferred policy acquisition costs		–		–		19,982		–			19,982
Lease expense		100,649		–		–		(183)	(b)		100,466
Depreciation, net of (gains) losses on disposals		259,612		–		–		–			259,612
Total costs and expenses		1,987,269		32,312		188,857		(3,400)			2,205,038

Earnings from operations before equity in earnings of subsidiaries		584,681		19,332		26,671		(470)			630,214

Equity in earnings of subsidiaries		29,992		–		–		(29,992)	(d)		–

Earnings from operations		614,673		19,332		26,671		(30,462)			630,214
Interest expense		(93,162)		–		–		470	(b)		(92,692)
Pretax earnings		521,511		19,332		26,671		(29,992)			537,522
Income tax expense		(179,120)		(6,670)		(9,341)		–			(195,131)
Earnings available to common shareholders	$	342,391	$	12,662	$	17,330	$	(29,992)		$	342,391

(a) Balances for the year ended December 31, 2013
(b) Eliminate intercompany lease/interest income
(c) Eliminate intercompany premiums
(d) Eliminate equity in earnings of subsidiaries

Consolidating cash flow statements by industry segment for the year ended March 31, 2016, are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(In thousands)
Cash flows from operating activities:
Net earnings	$	489,001	$	16,168	$	19,354	$	(35,522)	$	489,001
Earnings from consolidated subsidiaries		(35,522)		–		–		35,522		–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		389,393		–		–		–		389,393
Amortization of deferred policy acquisition costs		–		–		23,272		–		23,272
Interest credited to policyholders		–		–		20,465		–		20,465
Change in allowance for losses on trade receivables		7		–		(212)		–		(205)
Change in allowance for inventory reserve		(1,343)		–		–		–		(1,343)
Net gain on sale of real and personal property		(98,703)		–		–		–		(98,703)
Net gain on sale of investments		–		(1,317)		(3,174)		–		(4,491)
Deferred income taxes		124,838		9,311		3,926		–		138,075
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(2,169)		13,528		3,406		–		14,765
Inventories		(9,009)		–		–		–		(9,009)
Prepaid expenses		(10,338)		–		–		–		(10,338)
Capitalization of deferred policy acquisition costs		–		–		(32,590)		–		(32,590)
Other assets		16,231		(1,050)		141		–		15,322
Related party assets		55,962		682		–		–		56,644
Accounts payable and accrued expenses		26,093		1,533		9,761		–		37,387
Policy benefits and losses, claims and loss expenses payable		23,215		(18,925)		5,336		–		9,626
Other policyholders' funds and liabilities		–		(1,056)		707		–		(349)
Deferred income		4,757		–		–		–		4,757
Related party liabilities		(779)		115		48		–		(616)
Net cash provided (used) by operating activities		971,634		18,989		50,440		–		1,041,063

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1,509,154)		–		–		–		(1,509,154)
Short term investments		–		(44,735)		(471,164)		–		(515,899)
Fixed maturities investments		–		(45,048)		(372,014)		–		(417,062)
Equity securities		–		–		(1,315)		–		(1,315)
Preferred stock		–		(1,005)		–		–		(1,005)
Real estate		–		(36)		(39)		–		(75)
Mortgage loans		(15,384)		(1,800)		(85,404)		–		(102,588)
Proceeds from sales and paydowns of:
Property, plant and equipment		539,256		–		–		–		539,256
Short term investments		–		44,756		483,424		–		528,180
Fixed maturities investments		–		26,193		128,343		–		154,536
Equity securities		–		1,236		808		–		2,044
Preferred stock		–		1,126		–		–		1,126
Real estate		–		–		–		–		–
Mortgage loans		21,589		5,878		21,090		–		48,557
Net cash provided (used) by investing activities		(963,693)		(13,435)		(296,271)		–		(1,273,399)

(a) Balance for the period ended December 31, 2015
(b) Eliminate intercompany investments

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		808,972		–		47,000		–		855,972
Principal repayments on credit facilities		(381,403)		–		(47,000)		–		(428,403)
Debt issuance costs		(10,184)		–		–		–		(10,184)
Capital lease payments		(168,661)		–		–		–		(168,661)
Purchases of Employee Stock Ownership Plan Shares		(9,302)		–		–		–		(9,302)
Securitization deposits		544		–		–		–		544
Common stock dividends paid		(78,374)		–		–		–		(78,374)
Investment contract deposits		–		–		298,237		–		298,237
Investment contract withdrawals		–		–		(52,957)		–		(52,957)
Net cash provided (used) by financing activities		161,592		–		245,280		–		406,872

Effects of exchange rate on cash		(15,740)		–		–		–		(15,740)

Decrease in cash and cash equivalents		153,793		5,554		(551)		–		158,796
Cash and cash equivalents at beginning of period		431,873		8,495		1,482		–		441,850
Cash and cash equivalents at end of period	$	585,666	$	14,049	$	931	$	–	$	600,646

(a) Balance for the period ended December 31, 2015

Consolidating cash flow statements by industry segment for the year ended March 31, 2015, are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(In thousands)
Cash flows from operating activities:
Net earnings	$	356,741	$	15,417	$	19,366	$	(34,783)		$	356,741
Earnings from consolidated subsidiaries		(34,783)		–		–		34,783			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		352,796		–		–		–			352,796
Amortization of deferred policy acquisition costs		–		–		19,661		–			19,661
Interest credited to policyholders		–		–		18,110		–			18,110
Change in allowance for losses on trade receivables		(179)		–		11		–			(168)
Change in allowance for inventory reserve		(872)		–		–		–			(872)
Net gain on sale of real and personal property		(74,631)		–		–		–			(74,631)
Net gain on sale of investments		–		(841)		(3,084)		–			(3,925)
Deferred income taxes		66,628		8,030		1,842		–			76,500
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		(3,213)		16,830		(3,985)		–			9,632
Inventories		(1,579)		–		–		–			(1,579)
Prepaid expenses		(65,720)		–		–		–			(65,720)
Capitalization of deferred policy acquisition costs		–		–		(27,084)		–			(27,084)
Other assets		4,437		102		(804)		–			3,735
Related party assets		27,753		(258)		–		211	(b)		27,706
Accounts payable and accrued expenses		91,409		22		7,446		–			98,877
Policy benefits and losses, claims and loss expenses payable		(4,327)		(23,472)		10,178		–			(17,621)
Other policyholders' funds and liabilities		–		317		671		–			988
Deferred income		(13,181)		–		–		–			(13,181)
Related party liabilities		(1,016)		428		(67)		(211)	(b)		(866)
Net cash provided (used) by operating activities		700,263		16,575		42,261		–			759,099

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1,041,931)		–		–		–			(1,041,931)
Short term investments		–		(40,583)		(249,796)		–			(290,379)
Fixed maturities investments		–		(43,062)		(171,309)		–			(214,371)
Equity securities		–		(3,333)		(426)		–			(3,759)
Preferred stock		–		(1,006)		(1,000)		–			(2,006)
Real estate		–		(7,857)		(7,542)		–			(15,399)
Mortgage loans		(22,876)		(4,350)		(15,457)		–			(42,683)
Proceeds from sales and paydowns of:
Property, plant and equipment		411,629		–		–		–			411,629
Short term investments		–		53,112		234,771		–			287,883
Fixed maturities investments		–		18,556		89,311		–			107,867
Equity securities		–		3,082		–		–			3,082
Preferred stock		–		400		2,027		–			2,427
Real estate		–		–		396		–			396
Mortgage loans		28,089		4,203		9,691		–			41,983
Net cash provided (used) by investing activities		(625,089)		(20,838)		(109,334)		–			(755,261)

(a) Balance for the period ended December 31, 2014
(b) Eliminate intercompany investments

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		657,535		–		–		–		657,535
Principal repayments on credit facilities		(593,722)		–		–		–		(593,722)
Debt issuance costs		(12,327)		–		–		–		(12,327)
Capital lease payments		(121,202)		–		–		–		(121,202)
Purchases of Employee Stock Ownership Plan Shares		(7,939)		–		–		–		(7,939)
Common stock dividends paid		(19,594)		–		–		–		(19,594)
Investment contract deposits		–		–		105,019		–		105,019
Investment contract withdrawals		–		–		(54,108)		–		(54,108)
Net cash provided (used) by financing activities		(97,249)		–		50,911		–		(46,338)

Effects of exchange rate on cash		(10,762)		–		–		–		(10,762)

Increase (decrease) in cash and cash equivalents		(32,837)		(4,263)		(16,162)		–		(53,262)
Cash and cash equivalents at beginning of period		464,710		12,758		17,644		–		495,112
Cash and cash equivalents at end of period	$	431,873	$	8,495	$	1,482	$	–	$	441,850

(a) Balance for the period ended December 31, 2014

Consolidating cash flow statements by industry segment for the year ended March 31, 2014 are as follows:

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination			AMERCO Consolidated
		(In thousands)
Cash flows from operating activities:
Net earnings	$	342,391	$	12,662	$	17,330	$	(29,992)		$	342,391
Earnings from consolidated subsidiaries		(29,992)		–		–		29,992			–
Adjustments to reconcile net earnings to the cash provided by operations:
Depreciation		293,169		–		–		–			293,169
Amortization of deferred policy acquisition costs		–		–		19,982		–			19,982
Interest credited to policyholders		–		–		22,890		–			22,890
Change in allowance for losses on trade receivables		(28)		–		(8)		–			(36)
Change in allowance for inventory reserve		871		–		–		–			871
Net gain on sale of real and personal property		(33,557)		–		–		–			(33,557)
Net gain on sale of investments		(1,325)		(536)		(4,550)		–			(6,411)
Deferred income taxes		34,605		7,301		4,465		–			46,371
Net change in other operating assets and liabilities:
Reinsurance recoverables and trade receivables		14,328		43,675		4,503		–			62,506
Inventories		(11,495)		–		–		–			(11,495)
Prepaid expenses		2,186		–		–		–			2,186
Capitalization of deferred policy acquisition costs		–		–		(32,611)		–			(32,611)
Other assets		8,670		(781)		(222)		–			7,667
Related party assets		11,060		(4,231)		–		725	(b)		7,554
Accounts payable and accrued expenses		32,394		62		3,909		–			36,365
Policy benefits and losses, claims and loss expenses payable		(8,202)		(34,968)		12,674		–			(30,496)
Other policyholders' funds and liabilities		–		513		118		–			631
Deferred income		1,259		–		–		–			1,259
Related party liabilities		5,647		(131)		(61)		(725)	(b)		4,730
Net cash provided (used) by operating activities		661,981		23,566		48,419		–			733,966

Cash flows from investing activities:
Purchases of:
Property, plant and equipment		(1,000,243)		–		–		–			(1,000,243)
Short term investments		–		(60,551)		(210,139)		–			(270,690)
Fixed maturities investments		–		(58,790)		(223,634)		–			(282,424)
Equity securities		–		(746)		(816)		–			(1,562)
Preferred stock		–		(640)		–		–			(640)
Real estate		–		–		(532)		–			(532)
Mortgage loans		(21,349)		(3,500)		(39,159)		11,589	(b)		(52,419)
Proceeds from sales and paydowns of:
Property, plant and equipment		270,053		–		–		–			270,053
Short term investments		–		68,852		200,200		–			269,052
Fixed maturities investments		–		17,106		121,295		–			138,401
Equity securities		26,569		2,570		–		–			29,139
Preferred stock		–		4,504		1,500		–			6,004
Real estate		193		–		351		–			544
Mortgage loans		38,959		6,267		15,049		(11,589)	(b)		48,686
Net cash provided (used) by investing activities		(685,818)		(24,928)		(135,885)		–			(846,631)

(a) Balance for the period ended December 31, 2013
(b) Eliminate intercompany investments

		Moving & Storage Consolidated		Property & Casualty Insurance (a)		Life Insurance (a)		Elimination		AMERCO Consolidated
		(In thousands)
Cash flows from financing activities:
Borrowings from credit facilities		431,029		–		–		–		431,029
Principal repayments on credit facilities		(293,068)		–		–		–		(293,068)
Debt issuance costs		(3,943)		–		–		–		(3,943)
Capital lease payments		(53,079)		–		–		–		(53,079)
Purchases of Employee Stock Ownership Plan Shares		(207)		–		–		–		(207)
Securitization deposits		–		–		–		–		–
Common stock dividends paid		(19,568)		–		–		–		(19,568)
Investment contract deposits		–		–		117,723		–		117,723
Investment contract withdrawals		–		–		(34,677)		–		(34,677)
Net cash provided (used) by financing activities		61,164		–		83,046		–		144,210

Effects of exchange rate on cash		(177)		–		–		–		(177)

Increase (decrease) in cash and cash equivalents		37,150		(1,362)		(4,420)		–		31,368
Cash and cash equivalents at beginning of period		427,560		14,120		22,064		–		463,744
Cash and cash equivalents at end of period	$	464,710	$	12,758	$	17,644	$	–	$	495,112

(a) Balance for the period ended December 31, 2013